Antigua and Barbuda’s economy gets major boost from construction sector

Prime Minister of Antigua and Barbuda Gaston Browne has said in his budget speech 2025 that the inflow of approximately $900 million from both public and private sectors in 2024 has given a major push to the island-nation’s construction industry, which has evolved into a key driving force for the local economy.

Browne, who presented the national budget on December 5 in the parliament under the theme “Creating a Resilient, Harmonious, and Prosperous Nation”, said in his speech that the development showed that the investors felt more confident about Antigua and Barbuda’s economic policies.

“The construction industry continues to play a crucial role in our economy, contributing a record $900 million to the national economy in 2024,” the prime minister, who also holds the finance ministry, said while addressing the Speaker.

Private and public sectors play key role

Browne said the performance has been fuelled by several private sector projects such as the construction of Airbnb properties and the setting up of the international franchise restaurant ‘The Hut’ on Little Jumby Bay. 

Additionally, many hotel properties were renovated. They included Hermitage Bay Resort and Carlisle Resort. The completion of the Royalton Chic Hotel also boosted the local construction industry. 

The ongoing PLH project on Barbuda has made an important contribution to this sector, generating employment and business opportunities for the local people, the prime minister added.  

Data from Antigua and Barbuda’s Development Control Authority revealed a decent rise in construction and renovations of residential and commercial properties.

“There was a 14 per cent increase in applications for residential and commercial construction valued at $464 million,” PM Browne said. 

The sector’s growth has also been propelled by public-sector investments in fields like infrastructure and housing. Major projects, including the Booby Alley Housing Development and the Louis Hill Housing Project in Barbuda, have made crucial contributions. These projects reinforce the Antigua and Barbuda government’s commitment to giving its citizens climate-resilient and affordable houses. 

The prime minister also touched upon other infrastructure programs, including roads, electricity, and water systems, saying they not only eye modernization but also create jobs for people and strive for physical development for future generations. 

Antigua and Barbuda’s extensive road-rehabilitation project, which is funded by the Caribbean Development Bank and likely to be completed in 2025, plays a big role in boosting the construction sector. 

Praising the boost Antigua and Barbuda’s construction sector has witnessed, Prime Minister Browne said in his speech that it means not only the State getting more revenues from property taxes to finance overall development but also that the country’s physical appearance and wealth are significantly improved. 

“There is no denying that our country is securely on the path to becoming an economic powerhouse,” he said.